Several positive changes are expected with the completion of the project. Enhanced VAT collection will help the government achieve its fiscal goals and thus meet required public spending. The VAT e-filing component will provide businesses with simpler and expedited VAT return filings and faster VAT refunds. The introduction of e-Invoicing will facilitate the use of digital receipts and invoices, thus allowing vendors to save on costs, and the buyers to have purchase evidence documents stored digitally.
In addition to addressing some of the challenges facing Lesotho, NRD Companies will implement a comprehensive set of advisory services. As a prerequisite to the implementation of VFDMS, the advisory component includes reviewing existing legal frameworks and legal acts, submitting recommendations for changes to the VAT Act and regulations that may be required for the implementation and enforcement of the system, business-process reengineering support, as well as guidance with the implementation of internal and external change management.
Left to right: Julius Zubė, Andrius Petrauskas, Mrs. Mathabo Mokoko (The Revenue Services Lesotho Commissioner General), Michailas Traubas, and Andrius Kaikaris from NRD Companies.
The revision of current business processes and identification and definition of new processes will allow RSL to ensure fast adoption of the system and a smooth learning curve for its employees.
Mindaugas Glodas, CEO of NRD Companies, says: “Our highly experienced team will be involved in customising VFDMS to RSL’s specific needs, building required system integrations, and ultimately, developing e-filing capabilities for VAT returns and refunds.
“NRD Companies’ global experience, and specifically in Africa, has proven that the implementation of digital innovations has brought with it increased government revenue. It has also led to the enhancement of government services while making compliance with tax laws less time-consuming and more cost-efficient.”